Question 1Opportunity cost is the term which describesA.The initial cost of setting up a businessB.the cost of one product in terms of the forgone production of othersC.Monetary equivalent of the utility of a commodityD.monetary in equivalentObjective Show full explanation
Question 2What is circular flow of income?A.It is the flow of income in a circleB.It is the flow of payments from domestic households to domestic firms and from domestic firms to householdsC.It is a flow of income between household and business firmsD.It is the flow of payments from goods to households to firmsObjective Show full explanation
Question 3Localization of industries isA.The industrialization of a countryB.concentration of firms of an industry in a particular areaC.The location of a firm at a particular localityD.The economic developmentObjective Show full explanation
Question 4Decreasing returns to scale implies that if all factors of production are doubled output will betweenA.More than doubleB.Less than doubleC.Doubled unchangedD.Single unchangedObjective Show full explanation
Question 5Rent and interest are rewards toA.Labour and capital respectivelyB.Land onlyC.Capital onlyD.Land and CapitalObjective Show full explanation
Question 6Which of the following market structures are imperfect in competition?I. Monopoly II. Duopoly III. OligopolyA.I,II and III onlyB.I and III onlyC.I and II onlyD.II and III onlyObjective Show full explanation
Question 7The profit of the producer can be calculated asA.Total cost less total revenueB.Average revenue less average costC.Total revenue less total costD.Willingness of people to keep all the resources in assets.Objective Show full explanation
Question 8The term "demand for money" meansA.Willingness of people to hold moneyB.Desire to borrow moneyC.Desire of an individual to invest all his moneyD.Willingness of people to keep all the resources in assets.Objective Show full explanation
Question 9The lender of last resort in the banking system is theA.Last resort bankB.Commercial bankC.Central bankD.Mortgage bankObjective Show full explanation
Question 10The three broad categories of production areA.Direct, secondary and extractiveB.Primary, tertiary and directC.Primary, secondary and tertiaryD.secondary, primary and indirectObjective Show full explanation
Question 11As a firm expands, it enjoys some advantages calledA.Variable proportionsB.Diminishing marginal returnsC.Internal economics of scaleD.Decreasing returns to scaleObjective Show full explanation
Question 12External economies refers to theA.Cost-saving advantages a firm enjoys by being close to other firms in the same industryB.Disadvantages to firm that is close to other firmsC.Economies of large scaleD.economies of small scaleObjective Show full explanation
Question 13Tariff can be defined as a compulsory levy onA.Goods that are produced consumed locallyB.Imports and exportsC.Foreign exchange earningsD.Difference between exports and importsObjective Show full explanation
Question 14The practice of selling goods overseas that is often below the costA.retailingB.dumpingC.internal tradeD.advertisingObjective Show full explanation
Question 15The theory of consumer behaviour is based on all the following assumptions except that theA.consumer is assumed irrationalB.consumer taste remains constantC.consumer has budget constraintD.consumer aims at maximizing his utilityObjective Show full explanation
Question 16The notion of long term and short term periods is responsible for grouping cost intoA.Fixed and variableB.implicit and explicitC.average and totalD.capital and runningObjective Show full explanation
Question 17Calculate the compound interest on N2,000.00 for 2 years at 10% per annumA.N420.00B.N400.00C.N320.00D.N200.00Objective Show full explanation
Question 18A box contains 40.1m3 of air. if the box is of length 5.23m and breadth 2.34m calculate its heighA.5.35mB.3.28mC.0.31mD.0.19mObjective Show full explanation
Question 19Find the gradient on the curve $$y = \frac{16}x$$ where x = A.−1/4B.1/4C.2D.128Objective Show full explanation
Question 20Every Sunday John jogs 3km. For the rest of the week, each day he jogs 1km more than the previous day. How many kilometers does jon jog in 2 weekA.42B.63C.84D.117Objective Show full explanation
Question 21A father is now twice as old as his son. fourteen years ago he was four times as old as his son. how old are the son and fatherA.12 years, 24 yearsB.21 years, 42 yearsC.35 years, 70 yearsD.23 years, 46 yearsObjective Show full explanation
Question 22An open rectangle tank: 4cm long, 3m wide and 4m high is made out of a thin metal sheet. find the area of the metal sheet used in its constructionA.80m2B.64m2C.68m2D.76m2Objective Show full explanation
Question 23The width of a rectangle is 6m shorter than the length. if the area of the rectangle is 216m2, find the perimeter of the rectangleA.30mB.50mC.60mD.40mObjective Show full explanation
Question 24Add the same numbers to the numerator and denominator of $$\frac3{18}$$ if the resulting fraction is $$\frac12$$ then, the number added isA.13B.14C.15D.12Objective Show full explanation
Question 25The difference between 45/7 and 21/4 is greater than the sum of 1/14 and 11/2 byA.23B.24C.25D.27Objective Show full explanation
Question 2630 apple sellers made an average gain of N27.00 a day. if twelve of them were girls whose average gain a day was N18.00. What was the average gain of the boys per day?A.N29.00B.N33.00C.N21.00D.N9.00Objective Show full explanation
Question 27A teacher contribute 7% of his income into a fund and his wife contributes 4% of her income. if the husband earns N5,500 per annum. find the sum of their annual contributionsA.N1,045B.N605C.N545D.N490Objective Show full explanation
Question 28If 5,x,y,40 are in geometric progression find x and y respectivelyA.2 and 10B.20 and 10C.10 and 20D.10 and 2Objective Show full explanation
Question 29The smallest planet in the solar system is A.UranusB.NeptuneC.VenusD.MercuryObjective Show full explanation
Question 30Twilight is the period of time betweenA.sunset and sunriseB.the setting of the sun and rising of the moonC.the rising of the moon and daybreakD.daylight and midnightObjective Show full explanation
Question 31Which of the following is true during an eclipse of the moonA.The moon's shadow is cast on the earthB.The earth's shadow is cast on the sunC.The sun comes between the earth and the moonD.The earth comes between the sun and the moonObjective Show full explanation
Question 32Crossing the international Date Line from west to est oneA.Gains or loses a dayB.Loses a dayC.Gains a dayD.loses one hourObjective Show full explanation
Question 33A major weakness of a unitary system of government is thatA.it is run as a single entityB.the constitution can easily be amendedC.opposition and cross carpeting are extremely difficultD.it encourages the domination of minority groupingObjective Show full explanation
Question 34In a presidential system of government, the legislature and the executive areA.Appointed at the same time to an unfixed termB.Appointed by the judiciary to a fixed itemC.Elected separately to an unfixed termD.Elected separately to a fixed termObjective Show full explanation
Question 35The principle of separation of powers enables each arm of government toA.Carry out its constitutional functionsB.Probe one anotherC.Moderate the scope of the constitutionD.Overlap the function of the other Objective Show full explanation
Question 36Constitutionalism can be described asA.Amendment of an existing constitutionB.Adherence to a constitutionC.process of operating a constitutionD.process of drafting a constitutionObjective Show full explanation
Question 37the electorate can remove an elected official by an act ofA.ConsensusB.PlebisciteC.RecallD.ImpeachmentObjective Show full explanation
Question 38In a legislative process, a bill is A.Law passed by the legislatureB.motion accepted for debateC.motion rejected after debateD.proposal before the legislatureObjective Show full explanation
Question 39One remarkable point against a multi-party system is, theA.Banning of interests groupsB.Inability to attract foreign assistanceC.High cost of conducting electionsD.Encouragement of opposition and instability.Objective Show full explanation
Question 40According to the Land Use Decree if 1978, the ownership of Land in Nigeria was vested in the A.State governmentB.Federal governmentC.Local ChiefsD.Local governmentObjective Show full explanation